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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Ward, I made a mistake. Can you help? Posted by nate on January 05, 2004 at 0:03 AM I hope those that read this will learn somthn. I Bought a home that I fell in love with. I structured the deal in such a way that I paid over full price. Becasue of this the owner would carry a note. A note in my favor. It sounds funky, but to keep a long story short it worked like this... 40k carry @ 9% int only due in 3 years. But all interest is prepaid...10800, leaving him to wite a check for 29200 after closing. If I pay on time, I will owe 30k instead of 40k at the end of 3 years. So, the note nets out me paying actual interest of $800 over 3 years, which is very favorable...like I said earlier. Due to lending requirements, this was a written agreement that I have signed, but was not in the escrow instructions. The person I bought the home from has been stalling for 8 months, and I feel he may not pay. I have since learned that I should have done another escrow at another office, and had irrevocable instructions for procedes at the first office...too late now. Also, the contract provides for legal fees to be paid by breeching party. My question is do you feel the contract is enforceable? Should I threaten to sue? Should I retain an attorney and just sue? Should I just have my dog take a dump in his lawn every day? PS...he is an attorney, which my lender says should work in my favor. And, his wife signed it as well. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I hope those that read this will learn somthn. : I Bought a home that I fell in love with. I structured the deal in such a way that I paid over full price. Becasue of this the owner would carry a note. A note in my favor. It sounds funky, but to keep a long story short it worked like this... : 40k carry @ 9% int only due in 3 years. : But all interest is prepaid...10800, leaving him to wite a check for 29200 after closing. If I pay on time, I will owe 30k instead of 40k at the end of 3 years. So, the note nets out me paying actual interest of $800 over 3 years, which is very favorable...like I said earlier. : Due to lending requirements, this was a written agreement that I have signed, but was not in the escrow instructions. The person I bought the home from has been stalling for 8 months, and I feel he may not pay. I have since learned that I should have done another escrow at another office, and had irrevocable instructions for procedes at the first office...too late now. Also, the contract provides for legal fees to be paid by breeching party. : My question is do you feel the contract is enforceable? : Should I threaten to sue? : Should I retain an attorney and just sue? : Should I just have my dog take a dump in his lawn every day? : PS...he is an attorney, which my lender says should work in my favor. And, his wife signed it as well. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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